Cash back credit cards have been an option for cardholders for around 15 years. Despite having been around for awhile, cash back credit cards continue to remain popular with consumers. The reasons for this are obvious – everyone enjoys receiving free money!
A Change in Thinking
When cash back credit cards were introduced to the market, they were warmly received. Three out of four credit card holders are still primarily concerned about obtaining a credit card with a low interest rate or a 0.00% introductory APR, but the demand for cash back credit cards remains strong.
The Target Market
Credit card companies hoped to draw in large numbers of new cardholders when they introduced the cash back credit card – and the strategy worked. As time has gone on, however, more people have started to realize that the best candidates for cash back credit cards are those that pay off their balance at the end of each billing cycle. This is because cash back credit cards tend to have higher APRs than credit cards that do not offer special programs. Therefore, you will probably pay more in finance charges each year than you earn from the program if...
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